Indian Stocks Reverse Gain Before Vote on Foreign Retail Plan

Indian stocks declined, reversing an
earlier advance, before a vote on the government’s plan to allow
foreign investment in the nation’s retail industry.

The BSE IndiaSensitive Index (SENSEX), or Sensex, slid 0.3 percent
to 19,431.39 at 1:35 p.m. in Mumbai after rising as much as 0.4
percent earlier. Volumes in the gauge exceeded the 30-day
average by 33 percent at this time of the day, data compiled by
Bloomberg show. Sterlite Industries (India) Ltd. (STLT), the top copper
producer, dropped 1.5 percent, the most on the Sensex. Maruti
Suzuki India Ltd. (MSIL) headed for a 25-month high and paced gains
among peers after a report that India’s largest carmaker will
raise prices.

The upper house of the parliament was adjourned until 2:30
p.m. local time when lawmakers are to vote on the retail plan.
Stocks had reversed losses yesterday after Mayawati, the chief
of the Bahujan Samaj Party, said her party will vote in favor of
the proposal today. Lawmakers voted to back the proposal in the
lower house Dec. 5.